A new range of expat mortgages has been launched by Dudley Building Society, offering purchase, remortgage and buy to let deals specifically to UK residents living abroad.
The new mortgage products are available up to £500,000 at a maximum of 60% loan-to-value (LTV) on standard buy to let property (up to four bedrooms). Properties must be valued at more than £75,000 and situated in England or Wales.
Both the buy to let and residential products are offered at a rate of 3.99%, which represents a 1.5% discount on Dudley BS’s standard variable rate (SVR) buy to let mortgage and a 1% discount on its residential SVR.
The mortgages are available to UK citizens who are temporarily resident abroad, earning a minimum of £50k pa.
Applications from professional landlords and limited companies are not accepted.
Stating that Brexit had not dampened the demand for ex-pat finance, Johnathan Moore, head of credit for Dudley BS said:
“We have been taking soundings from our partners and ex-pat mortgages have been one of the areas which has kept coming up as an under-served sector of the market.”
Jeni Browne, head of sales at Mortgages for Business, added:
"It's good to see one of the smaller buy to let providers offering products to ex-pats. Many lenders' criteria state that ex-pats are considered on a case-by-case basis but in reality only a handful of specialist providers actually accept applications including Axis Bank, Keystone Property Finance, Kent Reliance and Shawbrook Bank"
In order to qualify for a buy to let mortgage most providers like to see that the ex-pat borrower works for a multi-national organisation, has a UK credit footprint and can pay the mortgage from a UK bank account. For the right applicant, there are products available up to 75-80% LTV in the market, (only to 60% LTV with Dudley).
Keystone Property Finance recently amended its lending criteria to accept applications only from ex-pats using a Special Purpose Vehicle limited company.
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If you are an ex-pat and are looking for a buy to let mortgage give us a call on 0345 345 6788 and talk to one of our expert mortgage advisers to discuss current options.